Retirement is changing in a significant way: People are living longer. Thanks largely to advances in medicine and improved living standards, life expectancy has risen dramatically over the past century. In the United States alone, it has increased by roughly seven years over the last five decades,* with recent estimates around age 79. And thanks to longevity, a 67-year-old today may live well into their 90s, and many will reach 95 or even 100.*
That means retirement is no longer a brief stage of life. For many, it’s a chapter that can span decades, and making the most of those years requires careful consideration for both your well-being and your finances.
Staying physically, mentally, and socially active can play an important role in enjoying a longer retirement. Regular exercise helps strengthen bones, improve mood and immunity, and even reduce the risk of chronic conditions such as cardiovascular disease and diabetes. Popular activities like pickleball, bocce, and golf offer the added benefit of social connection.
Gentler options such as chair yoga, water aerobics, and Tai Chi can help keep you moving at a comfortable pace. Even gardening, visiting a farmers market, or walking to meet a friend for coffee can add valuable activity to your day.
Keeping your mind engaged is just as important. Retirement can be an opportunity to explore interests you may not have had time for before. Painting, woodworking, pottery, book clubs, lectures, games like bridge or chess, and even just a daily crossword can provide stimulation and a sense of accomplishment. Volunteering is another meaningful way to stay involved, build connections, and help combat loneliness and social isolation, while also helping out your community.
Of course, having more years to enjoy these activities also means having more years to fund. Longevity brings an important financial consideration: the possibility of outliving your savings. Many people underestimate how long retirement may last, and therefore save less than they ultimately need. Meanwhile, everyday expenses, and especially healthcare costs, are rising, which could be particularly bad news for those managing chronic health conditions.
A longer life is a gift, but thoughtful preparation is needed to enjoy it to its fullest. Preparing for retirement means considering not only how you’ll spend your time, but also how you’ll support the lifestyle, activities, and experiences that can keep those years fulfilling.
If you’re afraid of the possibility of outliving your savings in retirement, you might be interested in guaranteed** lifetime income options. Whether you’re a retiree, pre-retiree, or just starting to think about that phase of your life, we may be able to help. Reach out to us to learn more.
Source: American Senior Communities
Any comments regarding safe and secure products, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Brookstone.